Morgan Stanley upgraded Norwegian Cruise Line (NCLH) to Equal Weight from Underweight with a price target of $22, down from $27. In the past year, the stock has underperformed the broader cruise coverage and the S&P, notes the analyst, who now sees a more balanced risk-reward given the recent underperformance. The firm’s main Underweight thesis around the company not being able to narrow its net cruise costs relative to net yields has played out, the analyst added.
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